Why Gasoline Isn't $4 Per Gallon Nationally

Pipe is stacked at the southern site of the Keystone XL pipeline in Cushing, Okla. Photograph by Tom Pennington/Getty Images

The recent surge in U.S. gasoline prices may be stalling thanks to a growing supply of crude oil and a retreat by speculators in the futures market. After weeks of consecutive increases, the average price of a gallon of gas in the U.S. fell more than a penny this week, from $3.94 on April 2, to $3.93 on April 9. In California, the state with the highest gas prices in the lower 48, prices fell to an average of $4.28 a gallon on April 9, down from $4.35 three weeks ago.

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